Iran’s oil revenues neared $34 billion in the first nine months (January-September) of 2023 despite brutal U.S. sanctions, accounting for 12 percent of OPEC member states’ total income.
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Brent crude futures rose 26 cents, or 0.3%, to $79.36 a barrel by 0910 GMT, while U.S. West Texas Intermediate crude futures (WTI) were up 20 cents to $74.28.
Iranian Oil Minister Javad Owji and Turkmenistan’s President Serdar Berdimuhamedov and high-ranking officials held talks on the expansion of bilateral cooperation in Ashgabat on Thursday.
Brent crude futures gained 37 cents, or 0.5%, to $78.25 a barrel by 1005 GMT while U.S. West Texas Intermediate crude futures rose 55 cents, or 0.8%, to $73.11.
The International Energy Agency (IEA) on Thursday made a further upward revision to its 2024 oil demand growth forecast, though its projection remains dramatically lower than producer group OPEC's expectations.
Iran’s Oil Minister Javad Owji said on Wednesday five big petrochemical projects will become operational by the end of the current Iranian calendar year (March 19, 2024).
India cut its windfall tax on petroleum crude to 1,700 rupees ($20.53) a tonne from 2,300 rupees a tonne, according to a government notification on Monday.
Canada's abnormally dry winter is worsening drought conditions across the western provinces, where most of the country's oil, gas, forest products and grain are produced.
Brent crude futures gained 77 cents, or about 0.99%, to $78.92 a barrel at 1014 GMT. The contract had lost 14 cents, U.S. West Texas Intermediate crude was up 46 cents, or 0.63%, from Friday at $73.14 per barrel.
Average daily gasoline consumption in Iran has reached about 115 million liters, the managing director of the National Iranian Oil Refining and Distribution Company (NIORDC) said.
The National Iranian South Oil Company (NISOC) on Monday expressed its readiness to participate in various projects of Iraq.
The OPEC+ group of oil producers is working to limit the challenges affecting the stability of the global oil market, Iraq's Oil Minister Hayan Abdel-Ghani.
Brent crude futures were down 49 cents at $77.80 a barrel by 1051 GMT and U.S. West Texas Intermediate crude lost 51 cents to to $72.17.
Iran and India reached the final agreement for the development of Iran’s southeastern Chabahar port in Tehran on Monday.
Iran’s President Seyyed Ebrahim Raeisi said on Monday the Oil Ministry under the 13th administration is eliminating gas flaring.
The National Iranian Oil Company (NIOC) managing director on Sunday said projects for collecting associated petroleum gas (APG) have attained 70 percent physical progress.
ONGC has made two consecutive significant natural gas discoveries in a deepwater block in the Bay of Bengal, marking the start of its high-risk exploration strategy.